FSSAI U-turn on A1, A2 labels for dairy products comes after ICAR member's letter to Modi
FSSAI: withdrew advisory against A1 and A2 labels for dairy products. Venugopal Badaravada's letter played a part, it is learnt. Key Points
ThePrintFSSAI to inspect all manufacturers in its crackdown on ‘spurious’ spices
The food safety regulator on Thursday said it had ordered testing and inspections at all companies making spice mixes, widening an investigation into... Key Points
The Tribune IndiaAlcoholic beverages, jam among 12 items to get export push
In 2022-23, processed food exports from India amounted to $10.6 billion, increasing at 22.4% compound annual growth rate in five years while the overall agricultural and food exports were around $53 billion, growing 6% year-on-year. India aims to increase agricultural exports to $100 billion by 2029-30 from around $53 billion now. Key Points
Economic TimesIndian Premium League: Premiumisation picks up pace for large consumer goods companies
More than 70% of the new products launched by India's largest consumer goods maker Hindustan Unilever in last two years were in the premium segment. Around 65% of all new personal care product launches were in the premium segment for ITC Ltd, doubling the contribution of such products to the division's sales in the last four years to 38%. For the largest biscuit maker Parle Products, around 60-65% of new launches were in the premium segment as compared to 40% pre-Covid. Key Points
Economic TimesIRDAI retains existing surrender value norms after pushback from industry
The Insurance Regulatory and Development Authority of India (IRDAI) has decided to maintain existing surrender values for life insurance policies following concerns raised by insurers. The regulator has also allowed the sale of Index Linked Insurance products tied to publicly available indexes. Initially proposed higher surrender values in draft regulations were reconsidered due to industry feedback, with IRDAI opting to retain the regulations. Key Points
Economic Times
RBL Bank aims to grow retail with new products, cut back on wholesale book
We are launching multiple products in respect of assets and we want the branches to build the assets. All these products will be used for acquiring the customer. Our probability of acquiring him is limited if we don't have products lined up. If somebody wants an education loan and we don't have it, he will go to another bank and probably take deposits too. So retaining liability without a corresponding product is going to be a challenge, says RBL Bank CEO R Subramaniakumar. Key Points
Economic TimesIndians finally buying ecofriendly products? Yes, but only if it’s pocket-friendly
Data by market researcher GfK India showed the contribution by volume, or number of units sold, for energy saving ACs with four and five stars has moved from 14% in 2019 to 27% in 2023. But for a category like refrigerators, which wouldnt inflate power bills as much as an air-conditioner would, the volume contribution of such models remains flat at 10%. Similarly, GfK data showed volume contribution of energyefficient inverter AC models climbed to 84% in 2023, from 61% in 2019, after manufacturers priced the new models on a par with the older, fixed-speed compressor variants. Key Points
Economic TimesCancer-causing chemical found in Clinique, Clearasil acne treatments: Lab reports
Estee Lauder said Clinique uses benzoyl peroxide in one product, which "is safe for use as intended. High levels of cancer-causing chemical benzene were detected... Key Points
The Tribune IndiaCancer-causing chemical found in Clinique, Clearasil acne treatments, US lab reports
Valisure has also filed a petition with the U.S. Food and Drug Administration, calling on the regulator to recall the products, conduct an investigation and revise industry guidance, the New Haven, Connecticut-based lab said on Wednesday. Key Points
Business TodayGoogle CEO Sundar Pichai to employees: ...completely unacceptable and we got it wrong
Read the letter from Google CEO Sundar Pichai addressing the recent controversy surrounding the Gemini app's problematic text and image responses. Pichai acknowledges the unacceptable bias and vows to make necessary changes. Key Points
Times Of India
FMCG companies roll out online-first items for mass market
FMCG cos are targeting the mass segment by launching digital first products at lower prices due to the growth of e-commerce. This shift includes companies like Parle Products, Emami, Dabur, and Hindustan Unilever (HUL), driven by the need to reduce online costs and increase volume sales. Key Points
Economic TimesCheaper knockoffs take shine off big wearables brands
These products, which closely resemble the design of the Apple Watch and other premium smartwatches, are also pulling down the average selling price (ASP) in the industry to record lows, making it difficult for the entrenched brands to compete or premiumise , industry executives and experts said. The ASP in the wearable segment fell about 39% to $26.10 in 2023 from an already low $42.50 the previous year, se per IDC. Key Points
Economic TimesMumbai and Parle have grown and changed together, hand in hand: Mayank Shah
Mayank Shah, VP of Parle Products, discusses the growth of the company alongside the city of Mumbai. Parle products has expanded its product range to meet the evolving trends and aspirations of both rural and urban consumers, offering premium products like the Platina range. Probably a Rs 50 pack Milano pack gets sold in urban areas and a Rs 10 pack gets sold in the rural. But, I think the aspirations are the same. Key Points
Economic TimesBusiness is booming in Ayodhya's kirana stores
Kirana stores in Ayodhya have stocked up 32% more products compared to last year, anticipating increased demand from the Ram temple inauguration. In contrast, orders placed by mom-and-pop stores with FMCG companies in India remained flat. The inventory of summer products like beverages has increased by 60%, while chocolates, packaged food, and branded commodities have gone up by 23-52%. UP is the largest market for FMCG companies, and Ayodhya has the potential for growth similar to Tirupati. The demand is expected to be driven by tourists and devotees. Key Points
Economic TimesBrand bazaar lights up road to Ayodhya
Companies like Coca-Cola, Reliance, ITC, and Emami are rushing to get maximum visibility for their products in Ayodhya, ahead of the Ram temple consecration on January 22. They are setting up coolers, signboards, vending machines, and branded gates in shops, dhabas, and parks. Coca-Cola has even changed its branding colors to match the temple theme. Dabur is tying up with dhabas to create activity zones and experience centers for pilgrims to sample their products. Key Points
Economic Times
Mechanism to monitor steel, aluminium products export at concessional rates to US in the making
During the visit of Prime Minister Narendra Modi in June last year, the two countries decided to remove trade irritants and as part of that, both sides agreed to end six trade disputes at the WTO. They have mutually resolved those seven disputes and India has decided to remove additional duties on eight US products, including chickpeas, lentils and apples, which were imposed in 2019. Key Points
Economic TimesGovt has strictly no plans to put MEP on all agri commodities: Commerce Ministry
The Indian government has denied plans to impose a minimum export price (MEP) on all agricultural products, stating that it has no intention to review all agri products from an export perspective. An inter-ministerial committee has recently decided on basmati rice, but the committee's wider mandate does not mean it will recommend MEPs for each agri product. Key Points
Economic TimesGovt says 30 companies taking advantage of PLI scheme for making millet-based products
Around 30 companies, including 22 MSMEs, are benefiting from the Production-Linked Incentive (PLI) scheme for manufacturing millet-based products in India. The scheme encourages the use of millets in Ready to Cook/Ready to Eat (RTC/RTE) products, with an outlay of Rs 1,000 crore. The companies aim to promote millet-based products under this initiative. Key Points
Economic Times'We are spreading thorns in path of our farmers instead of petals': Dhanuka Agritech Group chairman RG Aga
Dhanuka Agritech Group chairman Dr. RG Agarwal criticized export bans and restrictions on produce, stating that they harm farmers and push their children away from agriculture. He also highlighted the issue of illegal trade of spurious pesticides and called for government action. Agarwal questioned the lack of comprehensive data protection on pesticide products and urged the removal of restrictive rules on pesticide producers. He emphasized the need for investment in the agriculture sector to boost its growth and benefit the overall economy. Key Points
Economic TimesStartups find meat in millets, gear up to meet global demand
A 37.68% increase in exports to $57.14 million in five years to 2022-23, buckwheat, ragi, jawar, bajra, amaranth and canary seeds have found favour across the world. In the first six months of 2023-24, millet exports touched almost $30 million. In 2021, India was the top millet producer in the world with a 20% share of global production, followed by the US and Nigeria. Key Points
Economic Times
New FTAs, lower cost of power and logistics to help boost exports: PHDCCI report
The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports, it said. Key Points
Economic TimesDabur India's two units dismissed as defendants in hair relaxer lawsuit in US
BENGALURU (Reuters) -Dabur India said on Wednesday a U.S. court had dismissed two of its three subsidiaries as defendants in a lawsuit tying the use of hair relaxer products to ovarian and uterine Key Points
ThePrintIndia's Bajaj Finance reverses course after dropping 4% on RBI ban order
Shares of Bajaj Finance (BJFN.NS) turned positive after falling 4.1% in early trade on Thursday as brokerages shrugged off concerns, a day after India's central bank barred it from issuing loans under two products with immediate effect. Key Points
ReutersBajaj Finance asked to stop lending via 2 products. What it means for customers
Bajaj Finance has temporarily suspended the sanction and disbursal of new loans under ‘eCOM’ and ‘Insta EMI Card’ products. Here's how it will impact exisiting and new customers. Key Points
India TodayUnitedHealth's unit to add eight insulin products to its reimbursement list
UnitedHealth's (UNH.N) pharmacy benefit manager unit said on Thursday it was adding eight insulin products to its reimbursement list that would limit out-of-pocket spend to $35 or less. Key Points
Reuters
Raymond buys 59% in auto parts co Maini
Raymond group has acquired a 59.2% stake in Maini Precision products for Rs 682 crore through a combination of debt and internal accruals. The transac Key Points
Times Of IndiaFDA warns consumers of infection risk in over-the-counter eyedrops
The FDA's move comes in the wake of their request to the aforementioned companies to initiate a recall of their eyedrop products. The reason for the recall was because FDA inspectors found the products made in unsanitary conditions. The facility producing the drops was also bacteria ridden. However the FDA has not disclosed the location of the factor or when it was inspected. Key Points
Economic TimesPremiumisation trend: Consumers are no more enticed by entry-level cars, TVs and phones
The premiumisation gradient is the most visible in personal mobility choices. Once the mainstay of the car industry, the share of small cars in the overall pie is shrinking rapidly, even as stocks of companies such as Maruti Suzuki India hit lifetime highs. Lower priced vehicles, which earlier accounted for 85% of the market, now have a 58% share, said Shashank Srivastava, senior executive director, Maruti Suzuki. Key Points
Economic TimesAbbott to cease sale of infant probiotic products after FDA warning
Abbott Laboratories (ABT.N) will stop sales of its Similac Probiotic Tri-Blend product used for hospitalized preterm infants after the U.S. Food and Drug Administration issued a warning letter, the health regulator said on Thursday. Key Points
ReutersNvidia may be forced to shift out of some countries after new US export curbs
Nvidia (NVDA.O) said it may be forced to move some business operations out of countries that are in the purview of U.S. export curbs after the Biden administration on Tuesday expanded its restrictions on export of certain high-end technology. Key Points
Reuters
Huge demand for Indian chicken, dairy, basmati rice, wheat products in Middle East: UAE industry
The UAE food industry is seeking support from the Indian government to meet the high demand for chicken, dairy, basmati rice, frozen marine goods, and wheat products in the Middle East. They have requested smooth certification processes, better coordination with APEDA, and harmonization of standards. The industry also emphasizes the importance of high-quality packaging to boost exports to countries like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. Commerce and Industry Minister Piyush Goyal has held discussions with importers to explore ways to increase exports from India. Key Points
Economic TimesAlembic aims for US rebound with new launches
Alembic Pharmaceuticals plans to launch 20 new products in the US market in FY24, including oncology and non-oncology injectables, derma, and ophthalmic products. The launches will be facilitated by the newly USFDA-compliant facilities. The company also plans to take advantage of drug shortages in the US. Key Points
Economic TimesGovt rolls out mandatory quality norms for smart meters, welding rods
Smart meter is an electronic device that records information such as consumption of electric energy, voltage levels, current and power factor. It communicates the information to the consumer for greater clarity of consumption behaviour and electricity suppliers for system monitoring and customer billing. Key Points
Economic TimesIndians spent over Rs 5,000 cr on cosmetics in last six months, sector may gain as more women go to work:
Indian buyers spent over ₹5,000 crore on more than 100 million cosmetic products in the last six months, with 40% making purchases online, according to Kantar Worldpanel's initial study on the industry in India. The data suggests working women who buy both online and offline spend 1.6 times what average consumers pay. Key Points
Economic TimesA dermatologist shared a budget-friendly anti-aging skincare routine, and you can buy half the products at a pharmacy
For those on a budget, Dr. Shereene Idriss shared her favorite anti-aging products — and the whole routine costs around $100. Key Points
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'Stoneos' cannabis cookies look too much like Oreos, says US FTC
Six companies that make snacks with the active ingredient of cannabis have been sent cease and desist letters because the packaging looks too much like foods that kids love, including "Stoneos" that mimic Oreo cookies, the U.S. Federal Trade Commission (FTC) said on Wednesday. Key Points
ReutersAmazon India introduces product customisation feature ahead of July 15 Prime Day sale
Customisation of products will not cost users anything extra. Amazon Basic products are not covered for customisation, yet. Key Points
India TodayMore India-made cough & cold syrups under WHO lens
To date this situation has impacted more than 20 products with two countries of origin (India & Indonesia) and more than 15 different manufacturers, WHO spokesperson Margaret Harris told ET. All the products are syrup-based such as paracetamol, cough, and vitamins. WHO added that though the investigations in the impacted countries are ongoing, a link has not yet been established. Key Points
Economic TimesCoinswitch plans to launch platform for trading of Indian stocks
Coinswitch had earlier announced plans to offer conventional investment products like mutual funds, US stocks, etc., widening its scope beyond cryptocurrencies, which have taken a battering over the last few years. Key Points
Economic TimesHas Realme sub-brand Dizo shut down? CEO quits, customer care unresponsive
App stores no longer seem to have the companys primary companion app named after itself. That has left its smart products — over a dozen smartwatches and Bluetooth audio products it launched in the last two years — unresponsive since earlier this month. Key Points
Economic Times
Agricultural products trade via e-NAM surges 41% in FY23
Agricultural products trade through the electronic-National Agriculture Market (e-NAM) surged 41% to 18.6 million tonnes in 2022-23 from 13.2 million tonnes in the previous financial year. Several innovative products have started trading through these mandis, said a senior official, who did not wish to be identified, adding that several products such as silk cocoons, saffron and bamboo are being sold on the platform. Key Points
Economic TimesGood Glamm-backed Sirona Hygiene acquires sexual wellness brand Bleu in all-cash deal
This is the second all-cash acquisition deal for Good Glamm Group-backed Sirona Hygiene in a year after it acquired self-defense brand Impower in 2022. Sirona sells female hygiene products including menstrual pain relief patches, period stain remover etc. Key Points
Economic TimesIndia's exports to EU worth USD 1.3 bn to be impacted by EU's deforestation regulation: GTRI report
The Global Trade Research Initiative (GTRI) said that the EU-DR appears to prioritise protecting its own agricultural sector and promoting exports, making imports more difficult as it is a trade barrier disguised as a green measure. The regulation covers cattle, buffalo, the meat of bovine animals, preparations, Oil cake, soya beans, palm oil, cocoa bean, powder, chocolate, coffee, leather hide, skin, paper, paperboard, wood, wood articles, wood pulp, boards and wood furniture. Key Points
Economic TimesExports unlikely to be impacted by EU deforestation law
The legislation seeks to prohibit products such as palm oil, coffee, cattle, cocoa, rubber, soya, timber, printing paper and derived products in the EU, that came from land that was deforested after December 31, 2020. The rules cover imports and domestic production. Key Points
Economic Times